📣 Aalo Atomics announces $6.26M seed round
April 6th, 2023
We’ve just hit an exciting milestone: Aalo Atomics has closed $6.26M in equity financing from an exciting group of investors.
The round was led by Fifty Years, a deep-tech VC firm based in San Francisco, with participation by Valor Equity Partners (early SpaceX and Tesla investors), and several other excellent funds. A number of angels also participated, including Julia DeWahl (formerly OpenDoor and SpaceX), Mark Nelson (a big name in Nuclear), and Packy McCormick (Not Boring).
About Aalo
Aalo Atomics is a new startup that will be commercializing small nuclear fission reactors of high technological readiness.
Our mission is to make nuclear cheap enough to power the majority of the world’s clean energy needs, while maintaining safety. We believe there is a path to achieve 3¢ / kWh electricity, enabling rapid real-world deployment.
Why Now?
Simply put, we won’t reach our clean energy targets without nuclear playing a major role.
While solar and wind have seen terrific growth in the past 20 years, they will soon reach a plateau. This is mostly due to the cost of unreliability and interconnection complexity.
In the past three years, public sentiment on nuclear has improved rapidly. People are realizing that fear of nuclear waste is misplaced, and that nuclear energy is statistically just as safe as solar and wind. People are seeing that nuclear has been a critical part of any major grid that has successfully decarbonized.
Above all, the timing is right for nuclear to unlock an even more exciting future full of invention, exploration, and growth, made possible by access to greater quantities of low cost, high density, carbon-free energy.
What’s Next?
We have a number of exciting announcements planned for the coming months, regarding our technology choices, business model, and techno-economics. Subscribe to be the first to hear of these updates!
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